The moral authority of the Reagan revolution has collapsed. It will be many, many years before a Republican can address the nation with a straight face and declare that what we need is more deregulation. Oh, they'll try it -- I've heard Senators and Representatives make that very case this week. But the majority of Americans will not pay attention to their garbage. [...]
The spectacle of this enormous bailout is an undeniable refutation of the ruling philosophy of the last 30 years. Government has failed us. If this country survives the economic turmoil that is sure to come, we will never be the same. We might even end up better off, because of it.